Canadian Bank of Commerce (TSE:CM) has released an update.
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CIBC has announced that it received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid, planning to repurchase and cancel up to 20 million common shares, which is about 2.1% of its outstanding shares as of August 31, 2024. This move aligns with CIBC’s strategy to balance strengthening its balance sheet with creating shareholder value. The share repurchase program will start on or after September 10, 2024, and will be in effect until the earlier of reaching the 20 million share target, a termination notice, or September 9, 2025.
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